Triplex hold property

[G. Doby]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Long Beach.

Purchase price: $744,000
Cash invested: $275,000

Triplex... 3 bdrm craftman house in front, duplex in rear.

What made you interested in investing in this type of deal?

Trying to work my way up to commercial real estate, and this property was a great deal for the area.

How did you find this deal and how did you negotiate it?

Found eager seller tired of living in the area and wanting a change of scenery. She wasn't ready to sell at time I met her, but over the course of a year I talked her into selling property.

How did you finance this deal?

25% down, and finance company

What was the outcome?

Slowly renovating property, undecided if will keep or sell and purchase bigger.

Lessons learned? Challenges?

There are always hidden fees that may not be accounted for, so always have a reserve on top of your purchase and rehab money.